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Maxing out the card -


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When university fees and the possibility of students leaving with many £1000's in debt my initial reaction was that it was utter madness.  I also though it would stop many youngsters from going to University....but it doesn't seem to have.

My son didn't go to Uni but he didn't want to, fair enough his choice, to but lot of his school palls did as have many of their younger siblings since and to this day so clearly it's not putting any of them off.

Am I right in thinking that they don't have to pay their own fees upfront though and they can get a loan from the government which they [the students] then have to pay back once they get a job and providing they earn enough? 

If that's the case then why do Labour want to scrap the students debs costing the nation billions?

Who gets the money from the students paid fees.....does it go direct to the university they attend ?   

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The WHICH magazine says this about Uni student loan repayments....  seems quite reasonable TBH

"Repaying your student debt

The below information on repayments applies to those who fall under 'Plan 2' which is for students in England who started studying after September 1st 2012. Read more about Plan 1 and 2 here.

You could come out of a three-year university course with up to £50,025 (plus interest) to pay back in student loans, although most will have a lower level of debt.

You'll only start paying back your student loan once you are earning over £21,000 per year. Once you are, you'll pay back 9% of your income (so it doesn't matter how much you borrowed but rather how much you are earning.

As a rough guide:

  • earning below £21,000? You won’t have to pay back anything.
  • earning £25,000? You'll pay back £360 a year, £30 a month or £6.92 a week 
  • earning £30,000? You'll repay £804 a year, £67 a month or £15.46 a week. 

To calculate exactly how much you'll pay back monthly:

  • Take your annual salary (before tax)
  • Minus £21,000 from it
  • Calculate 9% of that
  • Divide by 12 to see how much you'll pay back roughly per month

After 30 years, any outstanding debt you still owe will be written off, even if you didn’t pay anything during some of that time (because you weren’t working or earning below £21,000).

A major review into university funding in 2010 estimated that around 60% of graduates won’t have paid their full loan back after 30 years. So, either you’ll be lucky enough to be in the top group of graduate earners for the full term, or you’ll never repay it all. "

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Think we really need to ask what courses are currently on offer at University; as Labour widened choice to include all sorts of Mickey Mouse degrees, plus dumbing them down; as it had an obsession with folk going to Uni. The whole point of education imo, is to prepare a work force for the future economic needs of the Country, including such professions as Medics.  These are the essential skills, that we have been importing from abroad, and it's clearly time we produced our own skilled workforce.  Now, as you've shown Diz, the current "loan" system isn't too punative; but I would prefer a system that is free for those skills we require, and only paid back if the individual leaves that profession or leaves the Country; thus repaying the tax-payer for their generosity.  While on the subject; all vocational courses should be free imo, which would include qualification for nurses, a profession we clearly need. As for Labour's bland statement that they would spend £100billion cancelling debts, without any idea where the money would come from, would merely saddle the Country with more debt.  Sure we all remember the note left on the Treasury desk, by the outgoing Labour Secretary, saying there was no money left !     :ph34r:

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Both my son and his wife went to University at the same time. They are both now in their early 30's (They were childhood sweethearts :) ) they both have since gained good jobs based on their degrees. Both are paying back their student loans (My son maxxed his out because he saw it as free money) and they also own their own house and are looking to move in the next few years. Student debt isn't as ominous as it sounds if the course the student is taking is likely to reap benefits in the future and the government will get money back as long as the degree course doesn't lead to a job paying minimum wage. Can't really see what the fuss is to be honest

 

My youngest son has just left school at 16 and is looking at college with a view to going to uni

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Good on them, they used the system and it paid off for them.

Unfortunately quite a lot don't end up with a decent paying job. Seems today's youth just want to live long enough to earn the money to pay off the student loan. I just wanted to earn enough to pay off the mortgage and maybe a bit extra to allow and early retirement.

I suppose it all stems from wanting a career as opposed to a job. I remember seeing a quote somewhere that read along the lines of "a career, for those that can't hold down a steady job".

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The tax  receipts would be much healthier too if we got our people properly registered as workers on decent wages which they could spend in the wider economy. Paying immigrants less than minimum wage is not the way forward for the country even though it benefits unscrupulous employers. It is amazing that Corbyn & the unions don't do much crowing about wages being undercut by imported labour but are happy to oppose limiting immigration. Have they forsaken their poor downtrodden brothers & sisters who fuelled the rise of Labour & the unions ?

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6 hours ago, Bazj said:

But the jobs and the careers are still out there. My son is a computer programmer and my daughter-in-law initially went into teaching but has since left and gone to work in the NHS

But but but, the NHS relies on slave labour who would starve to death without the blessed food banks! The inhumanity! Who will save us?

The blessed Jeremy? Nah, not a chanceB)

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3 hours ago, Davy51 said:

The tax  receipts would be much healthier too if we got our people properly registered as workers on decent wages which they could spend in the wider economy. Paying immigrants less than minimum wage is not the way forward for the country even though it benefits unscrupulous employers. It is amazing that Corbyn & the unions don't do much crowing about wages being undercut by imported labour but are happy to oppose limiting immigration. Have they forsaken their poor downtrodden brothers & sisters who fuelled the rise of Labour & the unions ?

The Labour Party is only interested in keeping the working man thinking that his employer is his enemy. Most working people are intelligent enough to realise that without an employer he is, by definition, unemployed. This is why the Labour party, and especially their present leadership, target young, impressionable people without work experience with promises of free money in exchange for rainbows and fluffy thoughts (i.e. a University degree in media studies).

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